Video Banking Is Very Beneficial During The Lockdown

# VideoBanking

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Jay Anthony

07 July 20208 min read

Insight 1

Video Banking Is Very Beneficial During

The LockdownMillions of people across the globe have had global pandemic to isolate themselves and remain in their homes. People are reluctant to visit public places because they might enter into a contract with COVID-19 if they come into contact with others. This disease has no cure or vaccine and, as we all know, the mortality rate is also very high. But, as we're all adjusting to a new "normal" existence, the lockdown has shown us some difficulties in remaining at home and maintaining social distance.

 

There are plenty of challenges faced by people during this lockdown but one very important problem is managing daily banking needs and activities.

 

People have difficulty completing their day-to-day banking activities such as money transfer, account opening, billing, etc. Because everybody is very reluctant to visit public places and get in touch with other people, a lot of their banking activities are being hindered.

 

Many public and private sector financial institutions have taken a number of initiatives to stay connected with their customers and communicate with them in a more effective and engaging manner to ensure that their customers can easily carry out their banking activities on digital platforms. This reduces the need for customers to physically visit a bank to complete their banking activities.

 

How can customers sit at home and still carry out their banking activities smoothly?

 

 

Video banking is one of the features that banks give their clients to make the whole banking process simpler for them. Video banking has been prevalent even before the lockdown. Yes, many banks have been keeping up with the technological developments needed to provide their customers with the best service and have introduced the functionality of video banking to make the entire banking process simpler for their consumers. You will handle your account with full protection of details and money at your fingertips.

 

What is Video Banking?

 

The technology that enables you to have face to face conversations and interactions with bank representatives on your laptop, desktop or mobile phone to help you carry out your banking requirements and activities smoothly is known as Video Banking. This feature of managing your account and carrying out your daily banking needs at a place of your choice and a time of your convenience has been a boon to many people across the globe, during this lockdown.

 

Imagine you are stuck in your house during this lockdown and you need to transfer money to somebody, would you be comfortable visiting the bank yourself? The answer to this question according to millions of people around the world right now is NO. Nobody wants to come in contact with a human being and many people don’t even want other human beings anywhere close to their proximity so everybody is practising social distancing. Yet, almost all of us wish that we had a banking professional personally guide us with all our needs and requirements. Even though we can dial the call centre of our bank and speak to banking representatives, there is some disconnection, some gap between what customers get and what they expect. That disconnection between the customer and the call centre representative is nothing but a lack of human touch. Users are clearly able to understand the person and talk to the person, but the visual aspect is lacking, which hinders the process of establishing a relationship between the consumer and the bank representative. Video banking fills the difference between wanting human contact and not wanting any human being around us.

 

Let’s have a look at a few reasons why video banking has been adopted by many financial institutions to ensure that at no point do their customers feel neglected or not attended.

 

1.  Users can connect with a bank representative and have a virtual face to face conversations with them.

 

2.  These conversations can happen at the customers convenient time and in their comfortable place.

 

3.  Reduces the need for real physical human contact to carry out banking activities and managing the account.

 

4.  Increases the user's engagement of customers with the brand which also increases brand loyalty.

 

5.  Visible positive impacts on the ROI and conversion rate of the entire organization.

 

With the pandemic hitting so many cities and states and resulting in national lockdowns in many countries around the world, video banking is one technology that can help take care of the daily banking needs and activities of millions of people.

 

1.  Customers can have a virtual face to face interactions with banking experts to resolve all their queries and assist them to complete their tasks while also maintaining social distancing and staying in their homes.

 

2.  Video banking services are completely safe and secure. Utmost care of data privacy and data security is taken by financial institutions to ensure that no fraudulent activities happen.

 

3.  It is quick and reliable. There are no long lines and waiting tokens for people on video banking. Customers can get quick access to a bank representative and have a solution to their query within minutes.

 

How safe is Video Banking?

 

Having a safe and secure video banking feature enables financial institutions to accelerate sales cycles, improve loan processing procedures and even simplify the entire account opening process. In order to adhere to the security and compliance regulations, banks have always been under a lot of pressure to ensure a protected and secured video banking session for customers. There are many well-planned security measures put in place for consumer data and bank data protection.

 

Governments of different countries around the world have strict regulations for video communication safety and security for all financial institutions. These regulations and standards are laid out to protect consumer data and prevent any kind of privacy breach or fraudulent activity.

 

Every financial institution has to be vigilant about providing diligence to all transactions taking place and have to closely monitor all financial activities and improve customer identification and verification processes. Every financial institution is responsible and alert enough to immediately report any suspicious activity, which minimizes the scope for a security breach.

 

Financial institutions also have very efficient risk management and anti-fraud measures to keep customer data safe and secure. In fact, banks and other financial institutions have much more control over the financial security of themselves and their customers now than ever before. With advanced technology that allows a very secure and smooth banking experience, customers can be completely stress-free about their banking and account-related data and information remaining private and safe.

 

In conclusion

Banks are doing about everything they can to keep their customers connected and provide them with the best customer experience. Banks ensure that, even during this lockdown, they are able to add that human touch by offering video banking services. All in all, video banking is a fantastic service as it helps customers to open or close bank accounts, transfer funds, pay bills, and make all sorts of virtual face-to-face transactions with expert bank representatives. This is absolutely safe and stable, too.

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Concluding message

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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